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Owner of Two Car Rental Firms Files for Chapter 11

November 18, 2001

MIAMI — ANC Rental Corp., the parent company of Alamo and National car rental companies, filed for Chapter 11 bankruptcy protection last week, the latest victim of the retreat in travel since the terrorist attacks.

"The drastic decline in travel after Sept. 11 has taken a tremendous toll on our business, and our current capital and expense structure cannot absorb the shortfall," said ANC chairman and chief executive Michael Egan.

He promised to "continue serving customers while we stabilize the business." All reservations will be honored, the company said.

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